Cullen/Frost Bankers (CFR) 8-K Other Events

Exhibit 12.1

Cullen/Frost Bankers, Inc.

Statement Re: Computation of Ratio of Earnings to Fixed Charges

(Dollars in Thousands)

	Years Ended December 31,
	2012		2011		2010		2009		2008
Income before income taxes		308,475		286,235		266,340		232,755		296,879
Interest expense, including interest on deposits		26,751		41,241		53,880		86,357		141,626
Estimated interest component of net rental expense		6,954		5,252		5,828		5,122		5,878
Earnings		342,180		332,728		326,048		324,234		444,383
Interest expense, including interest on deposits		26,751		41,241		53,880		86,357		141,626
Estimated interest component of net rental expense		6,954		5,252		5,828		5,122		5,878
Fixed charges		33,705		46,493		59,708		91,479		147,504
Consolidated ratio of earnings to fixed charges (including interest on deposits)		10.15		7.16		5.46		3.54		3.01
Income before income taxes		308,475		286,235		266,340		232,755		296,879
Interest expense, excluding interest on deposits		8,652		19,062		23,907		30,342		36,755
Estimated interest component of net rental expense		6,954		5,252		5,828		5,122		5,878
Earnings		324,081		310,549		296,075		268,219		339,512
Interest expense, excluding interest on deposits		8,652		19,062		23,907		30,342		36,755
Estimated interest component of net rental expense		6,954		5,252		5,828		5,122		5,878
Fixed charges		15,606		24,314		29,735		35,464		42,633
Consolidated ratio of earnings to fixed charges (excluding interest on deposits)		20.77		12.77		9.96		7.56		7.96